Seiko Epson ups sales, profit forecast

OsamuTsukimori

TOKYO (CBS.MW) - Japan's leading inkjet printer maker Seiko Epson Monday said it has raised its sales and profits forecast for the current business year, helped by robust replacement demand for mobile phone handsets in Europe.

Seiko Epson (6724)
SEKEF, -4.59%
said after the market close that it revised up its net profit for the year ending March 2005 to 58 billion yen ($533 million), 34.9 percent higher than 43 billion yen it earlier estimated on April 27. It raised its pretax profit forecast by 33.3 percent to 100 billion yen from 75 billion yen.

It also hiked its sales forecast 0.9 percent to 1,492 trillion yen from 1.479 trillion yen.

The revised outlook reflects strong demand for Epson's devices, such as those used in applications for liquid crystal display projectors, and its cost cutting measures in its information-related equipment segment, the company said.

The company added that the revised forecast does not take into account its liquid crystal joint venture with Japan's Sanyo Electric (6764)
SANYF,
which it said is still under development.

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